Prime Minister's Office
English rendering of PM’s keynote address at ASSOCHAM Foundation Week 2020
Namaskar!
President of ASSOCHAM, Shri Niranjan Hiranandani; the inspiration of the industrial world in this country, Shri Ratan Tata; all the friends leading the industrial world of the country; ladies and gentlemen!
Here, it is said - कुर्वन्नेह कर्माणि जिजी-विषेत् शतं समा:! That is, have the desire to live for a hundred years following your karma. This saying is perfect for ASSOCHAM. In the last 100 years, all of you are working hard to improve the economy of the country and the lives of crores of Indians. The same is true for Shri Ratan Tataji and the entire Tata group. He has also been honoured here today for his contribution and the contribution of the Tata family or the Tata group in India's development. The Tata group has played a major role in the development of the country.
Friends,
In the last 100 years, you have been a part of all the ups and downs in the journey from the struggle for India's freedom to the development of the country. The first 27 years of the establishment of ASSOCHAM were spent in the period of colonialism. At that time independence was the greatest goal of the country. At that time, your dreams were under shackles. Now the next 27 years are very important for the future of ASSOCHAM. After 27 years, the country will complete 100 years of its independence in 2047. You are freed from all kinds of shackles; you have complete freedom to touch the sky and you have to take full advantage of it. Now you should use your complete strength in the coming years for a self-reliant India. Today, the world is moving rapidly towards the fourth industrial revolution. There will be challenges in the form of new technology and various new and simple solutions will also be found. So today is the time when we have to plan and act. We have to connect together every year, every goal with one Larger Goal of Nation Building.
Friends,
The coming 27 years are not only going to determine India's global role, but are also going to test both the dreams and dedication of Indians. This time, as the Indian industry, your Capability, Commitment and Courage has to be shown all over the world with confidence. And our challenge is not just being self-reliant but how quickly can we achieve this goal is equally important.
Friends,
Positivity in the world today about India's success is like never before. This positivity has come from the unprecedented confidence of over 130 crore Indians. Now India is making new avenues to move forward with a new energy.
Friends,
In the revious sessions, the ministers and other colleagues have discussed in detail with you all about the policies and strategies of the government and the changes brought for every sector. Due to the circumstances which existed before, there was a time when it was asked - Why India? Now after looking at the impact of the reforms that have taken place in the country, it is being asked - 'Why not India'? For e.g. earlier when the tax rates were, people would say - Why India? Today the same people say 'why not India?' as it has the most competitive tax rates. Earlier there was a network of regulations and rules, so naturally investors used to ask, Why India? Today they are saying that there is ease of compliance in labour laws, so why not India? Earlier the question was if there is so much of Red Tapism, then why India? Now when the same people see the Red Carpet rolled out for them, they say, Why not India? Earlier there were complaints against lack of a culture of innovation, so why India? Today, watching the strength of India's start-up ecosystems, the world is confidently saying, Why not India? Earlier as there was so much government interference in everything, they asked why India? Today as private participation is being trusted, foreign investors are being encouraged, then the same people are asking, Why not India? Earlier people complained against the absence of digital infrastructure as work was not possible, then why India? Today when we have a modern digital ecosystem in place, the sentiment here is that of 'why not India'?
Friends,
New India, relying on its strength and resources, is pushing forward the goal of a self-reliant India. And we have a special focus on manufacturing to achieve this goal. We are relentlessly bringing reforms to promote manufacturing.Besides reforms, rewards today have become an important medium of policy of the country. For the first time, more than 10 sectors have been brought under the ambit of efficiency and productivity based incentives. I am glad that its positive results are also showing up in a very short time. Likewise, all efforts to make better connectivity, better facilities and logistics are also a reward for the industry. For lakhs of our MSMEs, whether to change its definition, change the Criteria, prioritizing government contracts or to solve liquidity problems, this is a huge incentive.
Friends,
The country today stands with Enterprises and Wealth Creators giving opportunities to millions of youth. Today, the Youth of India are etching their names on the world platform in the field of start-ups and innovation. The Government is continuing efforts to build an Efficient and Friendly Ecosystem. Now societies like ASSOCHAM and each of your members must ensure that its benefits reach the last mile. For this, you will have to encourage reforms within the industry as well. The changes we want to see in ourselves, must be brought in our institutions as well. The level of liberty, inclusion,hand-holding, and Transparency you want from the Government and the Society, the same level of everything must be ensured within the industry for the women, young talent and small industries. We have to adopt the best practices of the world from corporate governance to profit sharing as soon as possible. With a Profit Centric Approach, if we make it Purpose Oriented, then a better integration with the society will be possible.
Friends,
Who else can better understand the role of honest opinion in better decision making than you? Often we find people suggesting good stocks and sectors to invest in. But we first cross check whether the advisor himself is investing in it or not? The same applies to economies. Today, the world trusts the Indian economy as there is evidence of the same. During Pandemic, when the whole world is troubled in terms of investment, at that time India has received a record FDI and PFI inflows. To ensure that this confidence of the world reaches a new level, we have to increase our investments manifold domestically. Today you have possibilities as well as new opportunities of investment in every sector.
Friends,
There is another aspect of investment that needs to be discussed. This is investment in research and development - R&D. There is a great need to increase investment in R&D in India. In a country like America 70% of the investment on R&D is from the private sector, whereas the same percentage comes from the public sector in India. Also a major part of it is invested in the IT, pharma and transport sectors. That is, the need of the hour is to increase private sector participation in R&D. Every small and big company should set a certain amount for R&D in agriculture, defense, space, energy, construction sectors, i.e. in every sector.
Friends,
Today, as we are moving forward on a 'mission mode' to turn local products into a global one, we have to react and adjust quickly to every Geo-political development. It is important to have an effective mechanism on how India will meet any sudden demand in the global supply chain. You can also seek help from the Ministry of External Affairs in this regard. During this Covid crisis, we have seen how we could achieve our goals faster with a better utilization of the entire network of MEA. The need of the hour is better coordination between the Ministry of External Affairs and Commerce & Trade and industrial organizations like ASSOCHAM. I would like to urge you to give us your suggestions on how to react faster to Global Transformations, how to improve the mechanism of faster response. Your ideas are extremely valuable to me.
Friends,
India is also capable of helping the world while meeting its needs. From Farmer to Pharma, India has done and proven this. In spite of all the difficulties in the Corona era, India has taken the responsibility of Pharmacy of the world and delivered essential medicines around the world. Now, in view of the vaccines too, India will not only fulfill its own needs, but will also meet the expectations of many other countries of the world.
Friends,
Industry can multiply those efforts which the government has been putting for the last 6 years to narrow down the rural and urban divide. Members of ASSOCHAM can be of great help in providing a global platform to the products of our villages. Nowadays you might have heard that there are protein rich products as per a few studies and thus people start eating those products. We also start importing those. We do not even realize how foreign products end up on our plates, tables and in our house. We have so much stock of similar products in the country. And these reserves are with the farmers of the country, in the villages of the country. Our organic farming, herbal products, there are many things that should be promoted by ASSOCHAM like organic farming products, herbal products. Indian products should be promoted in the world market. You can do this by creating a competitive environment, promoting them and promoting the start-ups.Government of India, State Governments, Farm Organizations and everyone needs to work together in this direction. If our farm sector gets better promotion, better infrastructure, better market, then our entire rural economy can reach great heights.
Friends,
In the beginning of the 21st century, Atal ji had aimed at connecting India with the highways. Today, there is a special focus on Physical and Digital Infrastructure in the country. We are engaged in providing broadband connectivity to every village in the country so that the Reach of the village farmers is up to Digitally Global Markets. Similarly, to give more strength to our IT sector, all the barriers related to these sectors have also been removed. Steps are being taken one by one for the security of Digital Space.
Friends,
Every avenue associated with funding can be used to build better infrastructure. Strengthening public sector banks, increasing the potential of Bond Markets, are some of the efforts in that direction. Similarly, Sovereign Wealth Funds and Pension Funds have been exempted from being taxed; REITs and INVITs are being promoted. Infrastructure related assets are also being monetized.
Friends,
The government can provide the necessary facilities and create the right environment. Government can give incentives, the government can change policies. But it is the industry related friends like you, who can convert this support into success. The country has made up its mind for the necessary changes in rules and regulations; the country is committed to fulfilling the dream of a self-reliant India. In the last 6 years, we have abolished over 1500 archaic laws. Considering the needs of the country, the task of formulating new laws is also going on simultaneously. The benefits of agricultural reforms that were introduced 6 months ago have also started reaching the farmers. We all have to move forward by being determined to build a self-reliant India. My best wishes to all of you, my friends from ASSOCHAM for the years to come. My best wishes to Shri Ratan Tata ji too, I wish you all the best and may ASSOCHAM cross new heights! And, I am confident that your centenary celebrations will be fulfilled by taking resolutions for the next 27 years to achieve the goals by the year 2047, when the nation completes 100 years of independence. Once again thank you very much!
Thank you!
DISCLAIMER: This is the approximate translation of PM’s speech. Original speech was delivered in Hindi.